BE Semiconductor Industries

Company Description

BE Semiconductor Industries (Besi) manufactures the equipment used to assemble and package semiconductor chips after they've been cut from silicon wafers. While companies like ASML and ASM make the machines that create chips, Besi makes the machines that attach those chips to circuit boards and package them for use in electronic devices. Besi dominates two critical markets: it holds approximately 40% of the global die attach market (equipment that bonds chips to substrates) and an impressive 75% market share in advanced die attach for cutting-edge applications. The company's hybrid bonding technology is particularly important for AI chips, which require stacking multiple chip layers with extreme precision. In 2024, orders for AI-related technologies represented about 50% of Besi's total orders. Founded in 1995 by Richard Blickman, who still serves as CEO, Besi is headquartered in Duiven, Netherlands. The company operates an asset-light model, outsourcing manufacturing to subsidiaries in China and Malaysia while maintaining high margins—gross margins reached 65.2% in 2024, exceptional for an equipment company. With approximately 1,800 employees, Besi serves the world's largest chipmakers including TSMC, Samsung, Intel, and SK Hynix. The company raised its long-term revenue targets at its 2025 Investor Day to €1.5-1.9 billion (from €1 billion), projecting a 30% compound annual growth rate in hybrid bonding sales over the next decade. Besi is investing heavily in R&D, increasing spending by 31.7% in 2024 to maintain its technological lead.